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The eBearing News
December 14, 2000
FAG Plans Acquisitions in USA and Asia
copyright © 2000 eBearing Inc.
FAG Kugelfischer Georg Schafer AG (Frankfurt, Germany) announced that it will be
selling Duerkopp Adler, its industrial sewing machine subsidiary. This follows a
turnaround of the troubled Durkopp Adler, which recorded a pretax profit of
€ 4.5 million vs. a year-ago loss of € 9 million.
Financial Director Gerhard Vogel indicated that FAG's profitability has put it in a
financial and operating position to aggressively branch out. He said the company
especially wants to make acquisitions in both the United States and Asia.
Reportedly, talks are already in progress with acquisition targets in the USA.
Chairman Uwe Loos reported that FAG sales rose this year by 17% to € 2.2 billion,
and that it will rise an additional 6% to 8% next year, even without acquisitions.
Further, he expects that profits will improve next year by double digits over this year's
already very strong rise of 51% to € 65 million.
FAG used some of this year's profits to pay down long-term debt to € 370 million
from € 460 million, saving substantially in interest expense. Shareholders are also
looking forward to a dividend increase.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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